In my opinion / experience, it's still a very useful tool if used accurately.

Used well it provides cut-through of your brand / product / message in a way that is harder to build organically. Once you have traction, you can build a more separate identity.

Used inaccurately, and you will likely annoy people who might be your target market. Used ironically, you can definitely have fun.

But what would I know - my business advice is like Pets.com for Trappist Monks.